Liability Insurance

Contractor Liability Insurance

If you are a general contractor doing new construction, foundations, and additions, you need a Contractor General Liability quote.

Typically general contractors cannot perform the work for a job without liability insurance. General contractor liability insurance is designed to protect owners and operators of businesses from a wide variety of liability exposures. These exposures could include liability arising out of accidents resulting from the premises or the operations of an insured, products sold by the insured, operations completed by the insured, and contractual liability.

Cost for general contractor liability insurance will vary based upon the amount of liability you go with, one million, two million, three million and so on. Your rates will also be determined by the type of work your doing, gross receipts, as well as your total payroll expenses. As with auto insurance you will make a down payment for your general contractor liability insurance policy and then 9 or 10 consecutive monthly payments. We suggest you compare multiple quotes before you buy your liability insurance.

Liability Insurance

Liability Insurance

Liability insurance covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner’s insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others’ lives, health, or property.

The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of willful or intentional acts by the insured.

Professional liability insurance, also called professional indemnity insurance, protects insured professionals such as architectural corporation and medical practice against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called malpractice insurance. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, home inspectors, appraisers, and website developers.